Another billionaire goes all in on gold
Adam Pike, News Editor
23 Aug 2016, 10:26 a.m.
British billionaire and hedge fund manager, Crispin Odey, has gone all in on the yellow metal. In a letter to his clients, Odey explained the benefits of holding gold and confirmed that 86% of the firm’s assets under managements are now invested in gold futures. Odey has also purchased $75.7 million in Canadian gold miner Kinross Gold Corporation.
According to Odey we have reached the limits of quantitative easing and the fund manager believes negative rates are a form of financial repression. The billionaire is expecting gold to be repriced and believes the paper market has caused massive distortions in the supply demand equilibrium.
Fellow billionaire George Soros has also taken a bullish stance on gold and is reported to have purchased a significant stake in Barrick Gold. Wall street favourite, Stan Drunkenmillar, has also increased his exposure to gold and is reported to have invested $323 million in gold related products. It appears the big money is finally turning to gold.